Fego.ai Raises $1.5 Million In Seed Round
The funds will be utilized to strengthen and expand its developer offerings
Fego.ai has raised $1.5 million in Seed round from 3one4 Capital, Saison Capital, Eximius Ventures, First Cheque and Speciale Invest.
The startup, which is one of the earliest open-finance players in India, plans to use the funds to strengthen and expand its developer offerings, build its team as well as augment the pace towards the public launch of its offerings. Fego, which provides lego blocks for finance, offers an intelligent open-finance product stack for developers and companies to embed insightful financial experiences and personalize user engagement, said a statement.
“With Fego, companies can reimagine finance by providing better experiences to their users, identify what drives their users’ financial behavior and leverage these insights to be relevant in their users’ lives. We are building exciting rail-roads atop the transactional data stack in a safe and trusted environment and are thrilled to have aligned investors with us on our journey,” said Kumar Srivatsan S, co-founder and CEO of Fego.ai.
“Open-finance is a pivotal moment in the industry, both Centralized Finance (CeFi) and Decentralized Finance (DeFi) alike. We think leveraging user information in an open and transparent manner will lead to a huge expansion of value generation in the fintech industry in the next decade. Kumar Srivatsan and Kumar Srikanthan have been ahead of the curve in determining the right problem statements in this space and building out solutions as the industry matures. We’re excited to support their vision of empowering millions of users with better financial services starting with India,” said Anurag Ramadasan, partner at 3one4 Capital.